Future Outlook of Australia LED Lighting Market: Ken Research

The LED Lighting Market in Australia saw a drop in the growth in terms of transaction value in 2020 due to the Covid-19 pandemic, but as things are going back to normal with time, the industry is expected to recover faster.

Australia LED Lighting Market Overview: The Australia LED Lighting Market is currently at the growth stage owing to the growing consumer awareness about the environment, the durability of LED lights and the government initiatives for energy efficiency drive. The market is consolidated with some players owning the majority of the market. The industry saw a steady growth in the last few years as people are becoming more aware about the environment as well as the lower costs of the LED lights.

Impact of Covid-19 on Australia LED Lighting Market: The COVID-19 pandemic negatively impacted the global economy. The demand for LED lighting was reduced as a result of rigorous suspensions and lockdowns imposed on construction sites. However, the second half of 2021 saw an increase in construction due to the introduction of new as well as upgrading projects, which contributed to the steady recovery of the industry for LED lighting.

Rise in Penetration of LED Lights: LED lights have started to get very popular in Australia as they are energy-efficient and cost-saving in nature as well as they are highly controllable, when integrated with a driver, the intensity can vary based on the requirements. The increasing government policies in the country, such as a ban on the usage of incandescent light and the energy-efficient and cost-saving nature of LEDs, are increasing the penetration of LEDs. LEDs reduce power consumption and light pollution and have higher self-life than halogen bulbs.

Analysts at Ken Research in their latest publication “Australia LED Lighting Market Outlook to 2027F – By Type of LEDs (Luminaires and Lamps), By Usage of LEDs (Indoor, Outdoor, Street Lighting, Building Exteriors/ Façade Lighting, Parking Lots and Garages, Others) and By End User Sector (Commercial, Residential, Industrial, Healthcare and Hospitality)” observed that Australia LED Lighting Market is expected to showcase considerable growth in the coming five years. In the upcoming years, it is predicted to expand more rapidly due to the growing consumer awareness about the environment, the durability of LED lights and the government initiatives for energy efficiency drive. The LED Lighting Market in Australia is expected to grow at ~% CAGR over the forecasted period 2022P-2027F.

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